MP Materials

MP 53.97USD ▼ -16.58% 30d · Jun 29

tracked under Minerals ▸ Rare earths & magnets

state of play · Minerals

The DRC government reinstated a ban on copper concentrate and cobalt concentrate exports on August 6, sending copper to an all-time price record and compounding a simultaneously reported sulfuric acid supply collapse affecting smelter operations. The DRC holds approximately 70% of global cobalt reserves; CMOC, the world's largest cobalt producer, operates primarily there. The ban follows the 2026 DRC cobalt quota imposed earlier this year and is a reinstatement of an earlier restriction rather than a novel policy. Chinese smelters dependent on DRC concentrate face immediate sourcing disruption; the move escalates a pattern of export nationalism following Indonesia on nickel and Zimbabwe on lithium, reshaping how processing capacity is allocated globally.

The International Energy Agency warned on July 16 that full implementation of China's rare earth export restrictions could disrupt US$6.5 trillion of downstream production outside China, the most comprehensive market-risk assessment yet of Beijing's export-control regime. China's commerce ministry launched a cash-reward programme July 1 for informants reporting illegal rare-earth exports, adding a civilian enforcement layer to an architecture already spanning the Mineral Resources Law (June 15) and a 46-firm defence-procurement ban. MP Materials and USA Rare Earth were blacklisted June 22; MOFCOM Announcement No. 26 took effect July 1. India and Japan signed the UNICORN defence-materials deal July 2, the clearest allied response so far. NdPr metal ran 160% in four months to US$137/kg before correcting; European ex-China rare earth prices are at six times domestic Chinese levels. MP Materials is producing NdFeB magnets at Fort Worth under a US$400m DoD equity stake. Battery metals: lithium nearly doubled in Q1 2026; China suspended graphite export licences until at least November 2026, covering 97% of spherical graphite. Gallium reached US$2,269/kg in the West versus US$246/kg in China. The US Trump administration announced US$3 billion in government investment across domestic and allied critical minerals projects on August 7, explicitly linking the spending to rebuilding weapons stockpiles depleted during the US-Israel war on Iran and reducing dependence on Chinese processing; CNBC framed it as a defense-necessity measure; The National placed it within a broader multipolar realignment as multiple governments diversify away from Chinese supply chains.

Watch: whether CMOC and Glencore comply with the DRC ban or seek exemptions; which specific projects receive the US$3B and in which allied countries; whether the US investment triggers matching G7 minerals commitments; cobalt and copper spot price moves after the DRC ban; whether Chinese smelters invest in DRC-based refining capacity; IEA US$6.5T figure and allied procurement timelines; CRMA permitting pace; US 45X FEOC implementation.

The only active US rare earth miner, MP Materials controls Mountain Pass in California and is building the first US NdFeB magnet supply chain, backed by a 2025 Pentagon equity stake.

full dossier ›

China launches cash rewards for informing on rare-earth export violations, tightening control with a civilian enforcement layer

A MOFCOM announcement effective July 1 opens a hotline and web portal for individuals and companies to report unauthorised rare-earth and dual-use material exports, with cash rewards for confirmed tips. It is the most direct enforcement escalation of Beijing's 2025 export-control regime.

Whose Money ·7 takes ·Jul 11

Rare earth magnets: the critical supply chain China dominates and the West is racing to build

China produces 94% of sintered NdFeB magnets used in EV motors and wind turbines; the race to break that monopoly reshapes trade, defence and industrial policy worldwide.

·3 takes ·Jul 3

Lynas Rare Earths

Australian rare earth mining and processing company, the world's largest producer outside China, supplying neodymium-praseodymium and heavy rare earths to Japan, Europe and the United States.

·5 takes ·Jul 3

Neodymium

The rare earth element powering NdFeB permanent magnets in EV motors, wind turbines and weapons; China controls 91% of global NdPr refining and 94% of magnet output.

·4 takes ·Jul 3

NdFeB Magnets

The strongest permanent magnets in commercial use, neodymium-iron-boron (NdFeB) magnets drive EV motors and wind turbines globally, with China producing 94% of world supply.

·4 takes ·Jul 3

Refining and Separation

The midstream processing stage that converts ore concentrates into usable materials, with China controlling roughly 90% of global rare earth separation and battery-mineral refining.

·4 takes ·Jul 3

China blacklists MP Materials and USA Rare Earth, then expands the regime

Beijing adds 10 US firms June 22; MOFCOM Announcement No. 26 (June 24, effective July 1) adds whistleblower rewards for illegal exports; Mineral Resources Law in force June 15

Who Decides ·5 takes ·Jun 25

MP Materials starts NdFeB magnet production in Texas with DoD as top shareholder

Fort Worth 'Independence' facility shipped first magnets December 2025; Q1 2026 NdPr output hit record 917t; Pentagon's $400m equity stake and $110/kg price floor make the US government the underwriter of America's magnet supply

Whose Money ·6 takes ·Jul 8

US extends DoD-style price floors to allies as Project Vault and G7 stockpile pledges reshape the Western minerals toolkit

The DoD's $110/kg NdPr floor with MP Materials became a template; Washington negotiated allied floors with Mexico, the EU and Japan by February 2026; the One Big Beautiful Bill's Section 20004 appropriated $2bn for a Strategic Resilience Reserve; the G7 Évian declaration committed $64bn across 195 projects

Whose Money ·9 takes ·Jul 9

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